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Economy


Retail Sales in U.S. Unexpectedly Rose in February as Shoppers Braved Snow Sales at U.S. retailers unexpectedly climbed in February as Americans braved blizzards to get to the malls, signaling consumers will contribute more to economic growth.

Germany's Schaeuble Raises Specter of Euro Expulsion for Delinquent States German Finance Minister Wolfgang Schaeuble called for “prohibitive” sanctions including expulsion from the euro region as the ultimate penalty for countries that repeatedly flout debt rules.

Yellen Is Said to Be Obama's Choice for Fed Vice Chairman to Replace Kohn Federal Reserve Bank of San Francisco President Janet Yellen is President Barack Obama’s pick for vice chairman of the central bank in Washington, two people with knowledge of the selection process said.

Europe Industrial Output Jumps Most in 20 Years on Reviving Global Growth European industrial output rose the most in two decades in January as the reviving global economy prompted companies to boost production of goods including steel and machinery parts.

IEA Raises 2010 Crude Oil Demand Estimate on Developing Economies, China The International Energy Agency raised its forecast for global oil demand this year for a second month as fuel consumption in Asia rises more than expected.

Japan May Cushion BOJ Balance-Sheet Contraction, `Preserve' Easing Options Japan’s central bank may seek next week to counter a contraction of its balance sheet caused by the month-end expiration of an emergency-credit program as deflation persists in the world’s second-largest economy.

Inflation Eroding China's Deposits May Add Fuel to Asset-Bubble Pressures China’s accelerating inflation has started to erode household savings, threatening to spur purchases of property and stocks and fuel asset-price pressures.

Indonesia Credit Rating Raised to Highest in 12 years by Standard & Poor's Indonesia’s sovereign debt rating was raised to the highest level in 12 years by Standard & Poor’s after the central bank increased the country’s economic growth forecasts this week. Bonds and the rupiah rose.

Indian Industrial Output Rises 16.7%, Adding to Pressure on Interest Rates India’s industrial production rose 16.7 percent in January, diminishing spare capacity and contributing to inflationary pressures that may spur the central bank to raise interest rates within weeks.

China May Face `Massive' Bank Bailouts From Financing of Stimulus Projects China may be forced to bail out banks that made loans for local-government projects under the unprecedented stimulus program unleashed in 2008, according to Citigroup Inc. and Northwestern University’s Victor Shih.

Australian Home Prices to Keep Rising on Building Shortage, Council Says Australian home prices will keep rising due to a building and land shortage, according to a unit of the Property Council of Australia.


Fed Watch


Yellen Said to Be Obama Pick for Fed Vice Chairman to Replace Donald Kohn Federal Reserve Bank of San Francisco President Janet Yellen is President Barack Obama’s pick for vice chairman of the central bank in Washington, two people with knowledge of the selection process said.

Fed's Dudley Says U.S. Should Reduce Budget Deficit Amid Fragile Recovery Federal Reserve of New York President William Dudley said the U.S. should reduce projected government budget deficits even though the economy is weak and may relapse into recession.

Sack Says Fed Selling Assets Would Risk Sudden Increase in Long-Term Rates Brian Sack, the New York Federal Reserve Bank’s markets chief, said shrinking the central bank’s $2.3 trillion balance sheet quickly through sales of assets risks a sudden rise in long-term interest rates.


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